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As price action in the Band Protocol daily market has increased by over 4%, it appears poised to charge upwards. This is despite the initial challenges faced, as downward forces introduced some corrections to price movements.
Key BAND Statistics:
Current BAND Value: $1.681
Band Protocol Market Cap: $228,058,655
Band Protocol Circulating Supply: 137,019,601
Total Supply of BAND: 141,419,601
Band Protocol CoinMarketCap Ranking: 175
Key Price Levels:
Resistance: $1.681, $1.700, and $1.800
Support: $1.600, $1.500, and $1.400
Band Protocol Buyers Are Clinging to Gains Above the $1.600 Price Level
Observing the corresponding price candle for the ongoing session in the BAND/USDT daily market, it can be deduced that buyers are still retaining most of the printed gains in today’s trading session. Importantly, this is happening at a distance from the 21-day Moving Average line.
However, the price contractions introduced in today’s session have affected the bars of the Moving Average Convergence Divergence (MACD) indicator. Nevertheless, the MACD lines are still journeying upward above the equilibrium level, indicating that buyers still have the chance to extend the upside correction.
BAND Bulls Are Leaning Hard on Gained Support Above the 21-Day Moving Average Line
The Band Protocol 4-hour market reveals how the upside correction has occurred. Prices rebounded off the support at the $1.600 price level, and the current session has seen significant movements, albeit shedding a considerable part considering the appearance of its upper shadow. Despite the downward correction, trading is still occurring above the 21-day MA line.
Additionally, the MACD indicator is approaching a bullish crossover above the equilibrium level, suggesting that with more effort from buyers, prices may resurface above the $1.700 mark and move toward the $1.800 mark shortly.
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